• Growth in revenue from continuing operations up 2.6%, including 1.6% organically
• Full-year Recurring Operating Profit guidance confirmed at €128 million, on a like-for-like basis
• 2.3 million treasury shares bought back.
In Q4, which traditionally benefits from a favourable seasonal trend, Econocom will step up its sales efforts to ensure an overall growth in revenue from continuing operations in 2019.
During the 3rd quarter, the group increased its substantial productivity measures as part of a plan to cut costs in 2019/2020 and thus reduce its expenses in 2021 by €96.5 million compared to 2018. For the first nine months of the year, these measures have already generated a reduction of €17 million in indirect costs alone, thus enabling the group to confirm its annual target of bringing overall costs down by more than €25 million and offsetting the negative impact of the situation in Italy.
In view of the current business trend and these savings measures, the group has confirmed its 2019 full-year guidance, i.e. Recurring Operating Profit of €128 million on a like-for-like basis.